1. Review answers to questions proposed at last meeting.
2. Reserves:
   • General Reserve – discussed the requirement for the Board to issue a Capital Budget annually to the homeowners.  Discussed what items we need to reserve for.  Was mentioned that we should check with Barry Barnett to see if he would be able to give us better estimates of what these items may cost, and what life they usually have based upon his experience with other associations.
   • Specific Reserve – Greenview Trail Road Maintenance.  This reserve funding is spelled out in the Covenants for Subdivision 7.  As of the end of February this reserve should be approximately $15,525.00.
3. Delinquent accounts were reviewed.  We had open accounts receivable of $56,828.86 at the end of March, including $24,296.85 from 2007 and prior, and $21,996.12 for 2008.  This includes late fees and legal costs incurred while trying to collect the funds.  We had 3 accounts in bankruptcy, 3 in foreclosure, 2 on payment plans, and 26 with liens filed against them by the Association at the end of March.  It was mentioned that, as happens in many Associations, people tend to pay their annual dues once they receive their tax refunds.  In fact, quite a bit of money (about $23k) was deposited already in the month of April.  Ideas were discussed to be presented to Board for their discussion regarding ways to improve collections.  Some ideas were:
   • Change due date to March 1st so people have recovered from Christmas bills.
   • Begin accepting credit card payments.
   • Set up some type of advance payment plan similar to how people set up "Christmas Club Savings" accounts.
   • Increase late fee.
   • Change our 45 day grace period for payment to a 15 or 30 day grace period.
   • Send out a questionnaire with the next newsletter to see what people prefer.
4. Promissory Note with Developer – not yet finalized pending further collection of 2007 and prior amounts, and computations of amounts received or paid in 2008 that pertain to 2007 and prior.
5. Having an annual Financial Audit vs. an annual Financial Review was discussed.  An audit would cost more, but would be more extensive.  The Committee believes that an Audit would be most appropriate, and recommends that the Board get quotes, and not the Management Company.  The cost of and Audit or a Review for 2008 would be something to budget for in 2009.
6. It was announced at this meeting that Dave Hendrickson was appointed to sign checks and review bills at the last Board Meeting.  The checks require two signatures; one will be the Management Company, and one a Board Member.  The Management Company will be sending a check (already signed by them) along with the invoice copy and an envelope for Dave to review, sign, and mail it out.  Dave has also requested copies of paid 2008 bills up to this point and expects to receive them soon.
7. 1st Quarter Financials.  Questions regarding any of the bills paid up to this time were postponed until Dave Hendrickson obtains copies of the first quarter bills.  No other questions were posed.
8. It was mentioned that a Savings account will be set up to move some of the funds currently held in the HOA checking account so that interest can be earned on the funds.  This was decided at the latest Board Meeting.
9. Barnett Management is installing new financial statement software that will be ready later this year.  Once it is up and running we will have a Balance Sheet and an Accounts Receivable aging in place.  Currently Dave Hendrickson prepares these in Excel each month.

Result:  List of questions/suggestions was assembled to be submitted to the Board of Trustees.